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Hagerty, Inc. (NYSE: HGTY) is a globally recognized automotive enthusiast brand, deeply rooted in the car culture with a mission to save driving for future generations. Established initially as a niche insurance agency focusing on collector cars, Hagerty has grown into the world’s largest membership organization for car lovers. The company's offerings include specialty automotive insurance, car valuation data and insights, live and digital car auction services, and a suite of immersive events catering to car enthusiasts.
Hagerty's core business revolves around providing specialty automotive insurance, underwriting, selling, and servicing policies for classic cars and enthusiast vehicles. The majority of its revenue comes from commissions and fees, and it serves customers in Europe, Canada, and the United States.
Key to Hagerty’s appeal is its Hagerty Drivers Club, which boasts over 800,000 members globally. The club offers integrated membership products and unique programs that create engaging experiences for car lovers. Events like the Greenwich Concours d’Elegance and the California Mille, alongside media and valuation services, further cement Hagerty's position in the automotive community.
Hagerty is also notable for its extensive media presence, providing automotive content through various channels including the recently launched Hagerty Media on Samsung TV Plus, reaching millions of viewers with original programming.
Financially, Hagerty has demonstrated robust growth, achieving over $1 billion in revenue in 2023, with expectations of continued strong performance in 2024. The company’s strategic focus on efficiency and expanding its product offerings has resulted in significant profitability improvements. Hagerty is also actively involved in community and environmental initiatives, embodying a purpose-driven approach to its business operations.
Hagerty has released its 2025 U.S. Bull Market list, featuring 11 collector vehicles expected to appreciate in value. The analysis reveals a significant trend toward post-1980s vehicles, reflecting younger enthusiasts' growing interest in the collector car market.
Notable entries include the 1978-1983 Datsun 280ZX (valued at $32,800, up 138% since 2019), the 1981-1983 DeLorean DMC-12 ($75,100, up 73% since 2019), and the 2003-2013 Lamborghini Gallardo ($157,700). The average model year on this year's list is 2001, compared to earlier lists averaging 1989-1991.
The selection process involved analyzing data from public and private sales, historic trends, and insurance valuations. Hagerty's research shows that nearly 60% of Gen Z respondents express interest in collector car ownership, compared to 31% of Baby Boomers.
The Amelia, a leading global concours weekend, has announced Hélio Castroneves as its 2025 honoree. Castroneves, a four-time Indianapolis 500 winner (2001, 2002, 2009, 2021) and 2020 IMSA champion, was selected for his excellence in racing and competitive spirit. The event, celebrating its 30th year in 2025, will be held at The Ritz-Carlton, Amelia Island from March 6-9, featuring seminars, auctions, driving experiences, and the Concours d'Elegance with nearly 300 cars in 30 classes. Featured classes include Corvette at Sebring, 1930s Alfa Romeos, and Formula 1 Cars 1950-Present.
Hagerty (NYSE: HGTY) announced a new docuseries, Back on Track, featuring actor Patrick Dempsey's return to racing. In collaboration with the Mobil 1 team, the four-part series offers behind-the-scenes access as Dempsey competes in the Porsche Endurance Challenge North America. The series premieres on November 11 via Hagerty Media's YouTube and Samsung TV+ channels. Subsequent episodes will air on November 18, November 25, and December 5. The docuseries follows Dempsey and teammate Patrick Long as they race the #98 Wright Motorsports Porsche 718 Cayman GT4 RS Clubsport across various tracks including Circuit of the Americas, Road America, and Sonoma Raceway. The final race is a six-hour enduro at Circuit of the Americas. The series also features racer Tanner Foust and showcases a bespoke livery for Dempsey's Porsche, commemorating Mobil 1's 50th anniversary.
Hagerty reported third quarter 2024 results, highlighting a 17% increase in total revenue year-over-year to $323.4 million and a 13% rise in written premium to $287.6 million. Year-to-date, total revenue grew by 20% to $908.3 million, and written premium increased by 16% to $827.1 million.
Marketplace revenue surged 66% year-over-year in Q3 to $21.6 million. However, the loss ratio increased to 60.0% from 41.1% due to $24.7 million in pre-tax catastrophe losses from Hurricane Helene.
Net income for Q3 was $19.0 million, up slightly by $0.4 million, whereas adjusted EBITDA decreased by $13.2 million to $24.2 million. Despite these challenges, Hagerty raised its 2024 revenue growth outlook to 18-19% and written premium growth to 15%, adjusting for hurricane-related losses.
Net income growth is projected at 131-163%, with adjusted EBITDA expected to grow by 25-36%.
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, announced it will release its third quarter 2024 financial results before market opening on Thursday, November 7, 2024. The company will host a conference call at 10:00 am Eastern Time to discuss the results. Investors can access the call via toll-free number (877) 423-9813 or international number (201) 689-8573, and should dial in 10 minutes before start time. A live webcast and replay will be available on Hagerty's investor relations website.
Agero, a leading provider of digital driver assistance services, has renewed its multi-year partnership with Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider. This renewal allows Hagerty to continue offering specialized roadside assistance to its 770,500+ U.S. Drivers Club members.
The partnership addresses unique challenges faced by rare and exotic car enthusiasts, with 90% of Hagerty customers requiring towing services. Agero's platform offers personalized experiences, meeting specific equipment needs and providing top-tier customer support. The collaboration aims to enhance driver experiences, promote safety, and exceed member expectations, particularly during peak summer months when service requests double.
Hagerty announces the return of RADwood Detroit, an expanded '80s and '90s car and music festival, on September 14, 2024 at Hart Plaza. The event celebrates car culture with period-correct dress, iconic vehicles, and live music. Additionally, Hagerty introduces 'Cars at the Station', a free community event on September 13 at Michigan Central.
The new event features automotive debuts, ride-and-drives, and exhibits across three main areas: Michigan Central Station, Newlab at Michigan Central, and Roosevelt Park. Highlights include NACTOY Awards' 'Best of 2025' vehicle announcements, access to Newlab's innovation hub, and a community-centric car show. Both events aim to celebrate Detroit's automotive heritage and future, bringing together enthusiasts, innovators, and the local community.
Hagerty Inc. (NYSE: HGTY), a leading automotive enthusiast brand and specialty vehicle insurance provider, has announced its participation in the KBW Insurance Conference on September 5, 2024. CEO and Chairman McKeel Hagerty and CFO Patrick McClymont will engage in a fireside chat at 4:35 p.m. ET, discussing various industry and company-specific topics.
The presentation will be streamed live and accessible via a webcast link. Interested parties are advised to register and download necessary streaming software at least 15 minutes before the event. A replay will be available for 365 days through Hagerty's investor relations site under the Events and Presentations section.
The Amelia by Hagerty (NYSE: HGTY) celebrates its 30th anniversary of global motoring excellence from March 6-9, 2025, at the Golf Club of Amelia Island and The Ritz-Carlton Resort. Tickets go on sale September 12, 2024, at AmeliaConcours.com. The event kicks off The Amelia Car Week, featuring luxury automotive brands, immersive experiences, and live entertainment.
Concours d'Elegance highlights include Corvette at Sebring, Alfa Romeos of the 1930s, and Formula 1 Cars 1950-Present. The new showfield format will showcase nearly 300 cars across 30+ classes. The Amelia has donated over $4 million to charitable organizations since 1996 and will continue supporting local causes.
Motorlux, a Hagerty event, attracted 4,100 guests to the Monterey Jet Center on August 14, 2024, kicking off Monterey Car Week. The luxury event showcased 225 enthusiast vehicles and 14 aircraft, alongside culinary creations from 25 local chefs. The event featured global debuts of vehicles like the Kindred Motorworks EV Bronco and Meyers Manx Tarmac Touring Edition.
The Broad Arrow Auction, held during Motorlux, generated $71.5 million over two days, with an 85% sell-through rate. The auction's highlight was a 1997 Porsche 911 GT1 Rennversion, selling for $7,045,000. Five auction records were set, including a 1998 RUF CTR 2 at $2,095,000.
Motorlux benefits the CHP 11-99 Foundation and the Navy Post Graduate School Foundation. The next event is scheduled for August 13, 2025, at the Monterey Jet Center.
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